Accenture Launches New Cloud-Based Solution to Help Wealth Managers Comply with U.S. Department of Labor Fiduciary Rule
29 September 2016 - 6:15AM
Business Wire
Salesforce-based application provides
decisioning capabilities for ensuring “client best interest“
Accenture (NYSE:ACN) has introduced a new cloud-based solution,
Accenture Wealth Management Compliance Solution for Salesforce,
designed to help wealth management firms comply with the U.S.
Department of Labor’s fiduciary rule for advisers overseeing
retirement accounts. The rule, effective April 2017, provides that
advisers may not receive payments that create conflicts of
interest.
The new solution—supported by Accenture’s Wealth Management
practice based on an offering that helps firms comply with new
Department of Labor rules—is designed to work with Salesforce’s
Financial Services Cloud, Salesforce’s first industry-specific
product built to transform the client-advisor relationship for the
digital age. The solution can be customized to clients’ specific
needs, and will be offered as part of Salesforce implementation
engagements between Accenture and its wealth management firm
clients.
Accenture Wealth Management Compliance Solution for Salesforce
facilitates client onboarding by allowing advisors to capture
client data such as investing experience, risk tolerance
and investment goals to be used to support Department of Labor
compliance. Additionally, the solution’s decisioning tool guides
advisors through the product selection process, which can be used
for a wide array of retirement and insurance products, and helps
ensure that investment rationale, suitability and client best
interest are considered, captured and stored for audit purposes.
The solution also automates the process of determining whether a
Best Interest Contract is required and if so, automatically
generates the contract for electronic signature by the client.
The Best Interest Contract, part of an exemption to the
fiduciary rule, ensures that advisors are operating in their
clients’ best interests when investing their retirement funds. The
exemption allows advisers to conduct transactions, activities, and
receive compensation, otherwise prohibited, as long as they act in
accordance with fiduciary standards.
“Accenture’s latest cloud- enabled Salesforce-based solution is
intended to give wealth managers some peace of mind as they
scramble to understand and comply with the DOL rule,” said Kendra
Thompson, North American Lead, Accenture Wealth Management
Services. “In reality, advisors only have a few months left to
choose, implement, test and deploy a solution. Given the short time
frame and magnitude of the changes, most firms will need to begin
executing their readiness plans immediately across every area of
their business. Above all, the planned changes must be communicated
effectively to both advisors and clients.”
"Regulatory changes in the financial services industry are
pushing financial professionals to transform the way they
communicate with clients and manage their investments," said Rohit
Mahna, GM of Financial Services, Salesforce. "Accenture's new
solution is helping advisors to comply with the DOL's Fiduciary
Rule by ensuring the client is at the center of every
decision."
Accenture continues to grow and strengthen its position as a
leading enterprise cloud services provider. Accenture was one of
the first global companies to establish a strategic alliance
partnership with Salesforce and today is a leader in Salesforce
capabilities with more than 8,100 professionals skilled in
Salesforce.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions—underpinned by the world’s largest
delivery network—Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With approximately
375,000 people serving clients in more than 120 countries,
Accenture drives innovation to improve the way the world works and
lives. Visit us at www.accenture.com.
Accenture is a leader in helping organizations move to the cloud
to take advantage of a new era of service delivery and flexibility,
where applications, infrastructure and business processes are
brought together and delivered As-a-Service. Accenture’s Cloud
First agenda offers comprehensive, industry-focused cloud services
including strategy, implementation, migration and managed services,
and assets including the Accenture Cloud Platform that can drive
broader transformational programs for clients. Accenture has worked
on over 20,000 cloud computing projects for clients, including
three-quarters of the Fortune Global 100, and has more than 31,000
professionals trained in cloud computing.
Accenture Wealth Management Services
delivers industry-leading solutions to help wealth managers
prepare for the future of investing. Its clients include eight of
the top 10 global wealth managers.
Salesforce, Financial Services Cloud and others are trademarks
of salesforce.com, Inc.
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AccentureSean K. Conway, + 1
917-452-7116sean.k.conway@accenture.com
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